Just Moved? You Might Get a Tax Break

Posted on Feb 15, 2017 in News, Real Estate

tax break
Have you seen that commercial with Kathy Bates and the ghost kids in her house? She calls a tax advisor to see if she can claim the creepy kids as dependents and the answer is no. But the advisor offers that her moving expenses might be deductible…

That got me thinking and needing a refresher on when exactly moving expenses are deductible. I visited the IRS site for the details.

Good news is if you move because of your job, you may be able to deduct the cost of the move on your tax return. According to the IRS, your move must meet three requirements:

  1. It must closely relate to the start of work.
  2. It must meet the distance test.
  3. It must meet the time test.

Need more details? Read the fine print here. Or if you’re interested in listening to the details, check out the IRS podcast on the topic here.

Hopefully you won’t be seeing ghosts after this post, but if you do have loan questions about a recent move or one in your near future, give me a shout at 619-577-4030. I’ll help you get into a home in San Diego ghost-free, of course!

This information is provided by a third party, Pixona, for educational purposes only and does not reflect the opinions of V.I.P. Mortgage, Inc. Information is deemed reliable but not guaranteed. Any material is not intended as a prequalification, commitment to lend, a reason to enter into a purchase contract, hire a real estate professional, or take any action whatsoever. Always consult your financial planner before making any financial decisions.

Contact Matt Chao

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